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Industrial and Commercial Bank of China Limited (IDCBF)

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At close: October 14 at 4:00 PM EDT

ICBC’s Profit Slips as Low Rates Weigh

Industrial & Commercial Bank of China, said first-half net profit dipped on lower earnings from lending amid declining interest rates in the world’s second-largest economy.

The Wall Street Journal last month

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Wealth Management Connect revamp sent cross-border investment skyrocketing, says ICBC

Improvements to the Wealth Management Connect scheme in February have proven to be a game-changer, with investment via the cross-border trading channel jumping by four times between January and April, according to the government data and industry players. The amount of money traded under the scheme quadrupled to 50.7 billion yuan (US$7 billion) in the first four months of the year, while the number of investors using it rose 60 per cent to 110,000, according to government data. ICBC Asia, a key

South China Morning Post 3 months ago

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Singapore's Temasek trims stake in ICBC as China's slumping property market dents state lenders' profits

Temasek Holdings, Singapore's sovereign wealth fund, cut its stake in the Industrial and Commercial Bank of China (ICBC) twice in one day last week, reducing its share of the lender to less than 5 per cent. The state investor first trimmed its allocation in China's biggest bank by selling 825 million H-shares at an average price of HK$4.7 each on May 27, taking its stake from 6.01 per cent to 5.06 per cent, AA Stocks reported on Tuesday. This was followed by a further cut of HK$408 million on th

South China Morning Post 4 months ago

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China's Big Five lenders post shrinking margins, warn of property risks

Five of China's largest lenders have posted shrinking net interest margins (NIM), while warning of ongoing property sector risks. Amid a slowing economy, China's lenders are under pressure to reduce interest rates on the loans they make to bolster flagging sectors as demand for lending falls. On Thursday, China Construction Bank Corp (CCB), Bank of China (BoC) and Agricultural Bank of China (AgBank) all reported sliding margins - a key gauge of profitability - in their annual results.

Reuters 6 months ago

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This Little-Known Chinese Billionaire Went From Working In The Coal Mines To Being One Of The Most Powerful Bankers In The World, Commanding $3.5 Trillion In Assets

Jiang Jianqing, a name synonymous with the remarkable transformation of the Industrial and Commercial Bank of China (ICBC) into the world’s largest bank by assets, has a story that reads like a testament to resilience and visionary leadership. Born in Shanghai in 1953, Jiang’s early life was marked by the hardships of the Cultural Revolution during which he was sent to work in the fields of Jiangxi Province and the coal mines of Henan Province. This period of labor education, far from breaking h

Benzinga 8 months ago

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Fed, NYDFS fine Chinese bank ICBC $32.4M

“Regulated institutions must be held accountable for failing to adhere to New York’s rigorous legal and regulatory standards,” NYDFS Superintendent Adrienne Harris said Friday.

Banking Dive 8 months ago

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ICBC to pay $32.4 million to US regulators over AML lapses, supervisory information disclosure

The Industrial and Commercial Bank of China Ltd and its New York branch will pay $32.4 million in penalties for the unauthorized use and disclosure of confidential supervisory information, the Federal Reserve announced Friday. The Fed said the joint action, taken with New York's Department of Financial Services (NYDFS), came after the bank disclosed information to a third party without regulatory approval. In a separate statement, NYDFS said an ICBC employee disclosed that supervisory information to a foreign regulator.

Reuters 8 months ago

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ICBC partners wary to resume trading with bank after cyberattack - Bloomberg News

Industrial and Commercial Bank of China (ICBC) has been unable to convince some market participants that it is safe to reconnect their computer networks to the bank's U.S. unit after a ransomware attack disrupted its systems, Bloomberg News reported on Wednesday. ICBC did not immediately respond to Reuters' request for a comment. ICBC's U.S. arm was hit by a ransomware attack earlier this month.

Reuters 10 months ago

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World's Biggest Bank ICBC Still Faces Trader Wariness After Cyberattack

(Bloomberg) -- Industrial & Commercial Bank of China Ltd., the world’s largest lender by assets, has been unable to convince some market participants that it’s safe to reconnect their computer networks to the bank’s US unit after a ransomware attack disrupted its systems, according to people familiar with the matter.Most Read from BloombergBillions Wiped Out as Stock-Safety Trade on Wall Street MisfiresMusk’s Cybertruck Is Already a Production Nightmare for TeslaSingapore High Court Grants Injun

Bloomberg 10 months ago

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20 Most Valuable Asian Companies Heading into 2024

In this article, we will look into the 20 most valuable Asian companies heading into 2024. If you want to skip our detailed analysis, you can go directly to the 5 Most Valuable Asian Companies Heading into 2024. Asia is the world’s largest and most populous continent, with a rich culture and heritage. The region […]

Insider Monkey 10 months ago

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Ransomware attack on China’s biggest bank may have hit US Treasury market

A US unit of the Industrial and Commercial Bank of China (ICBC) was hit by a ransomware attack this week that disrupted some of its systems, reportedly hitting liquidity in US Treasuries which may have contributed to a brief market sell-off on Thursday.

CNN Business 10 months ago

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Barclays flags Treasuries central clearing cybersecurity risks after ICBC hack

A key reform proposed by the U.S. Securities and Exchange Commission to boost the use of central clearing for U.S. Treasuries could leave the market more exposed to cybersecurity risks, Barclays said, referring to the cyber hack of Industrial and Commercial Bank of China's U.S. broker-dealer last week. The SEC central clearing rule, first proposed in September last year, would apply to the cash Treasury and repurchase agreements (repo) markets, where banks and other players such as hedge funds borrow short-term loans backed by Treasuries. Under the rule, more trades would be sent to a clearing house, requiring counterparties to put up cash to guarantee execution in the event of defaults.

Reuters 10 months ago

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ICBC Flies Top Executives to US in Race to Contain Hack Fallout

(Bloomberg) -- Within days of a cyberattack at its US unit, members of Industrial & Commercial Bank of China Ltd.’s management were on a plane. Most Read from BloombergAston Martin Owner Lawrence Stroll Sells F1 Team Stake at £1 Billion ValuationBacklash Spreads Over Musk’s Endorsement of Antisemitic PostAltman Ousted From OpenAI, Board Says It Lost ConfidenceHamas Mastermind Who Tricked Israel Is Top Target in Gaza TunnelsApple Plans to Make It Easier to Text Between iPhones and AndroidsOfficia

Bloomberg 10 months ago

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UPDATE 2-Gang says ICBC paid ransom over hack that disrupted US Treasury market

China's biggest lender, the Industrial and Commercial Bank of China, paid a ransom after it was hacked last week, a Lockbit ransomware gang representative said on Monday in a statement which Reuters was unable to independently verify. ICBC, whose U.S. arm was hit by a ransomware attack that disrupted trades in the U.S. Treasury market on Nov. 9, did not immediately respond to a request for comment. The blackout at ICBC's U.S. broker-dealer left it temporarily owing BNY Mellon $9 billion, an amount many times larger than its net capital.

Reuters 10 months ago

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Gang says ICBC paid ransom over hack that disrupted US Treasury market

LONDON (Reuters) -China's biggest lender, the Industrial and Commercial Bank of China, paid a ransom after it was hacked last week, a Lockbit ransomware gang representative said on Monday in a statement which Reuters was unable to independently verify. ICBC, whose U.S. arm was hit by a ransomware attack that disrupted trades in the U.S. Treasury market on Nov. 9, did not immediately respond to a request for comment. "They paid a ransom, deal closed," the Lockbit representative told Reuters via Tox, an online messaging app.

Reuters 10 months ago

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ICBC paid ransom after hack that disrupted markets, cybercriminals say

China’s biggest lender, the Industrial and Commercial Bank of China (ICBC), has paid a ransom to cybercriminals who hacked the bank last week, a representative of the Lockbit ransomware gang said on Monday in a statement Reuters was unable to independently verify. The bank's U.S. arm was hit by a ransomware attack that disrupted trades in the U.S. Treasury market last Thursday. “They paid a ransom, deal closed,” the Lockbit representative told Reuters via Tox, an online messaging app.

Reuters 10 months ago

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In the Market: Inside Wall Street's scramble after ICBC hack

(Reuters) -The cyber hack of Industrial and Commercial Bank of China's U.S. broker-dealer was so extensive on Wednesday, even the corporate email stopped working and forced employees to switch to Google mail, according to two people familiar with the situation. The blackout left the brokerage temporarily owing BNY Mellon $9 billion, an amount many times larger than its net capital, a measure of resources at hand to promptly satisfy claims. ICBC's New York-based unit, called ICBC Financial Services, got a cash injection from its Chinese parent to help pay back BNY, and it manually processed trades with the custody bank's help, Reuters reported on Friday.

Reuters 10 months ago

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Brazen ransomware attack on US unit of Chinese banking giant has financial sector on alert

A ransomware attack on a US unit of the powerful Industrial and Commercial Bank of China that may have contributed to a brief market sell-off on Thursday was a significant escalation for cybercriminals that underscored how big hacks can disrupt business for even the best-resourced companies, experts told CNN.

CNN Business 10 months ago

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Yellen: no impact on US Treasury market from ICBC hack

U.S. Treasury Secretary Janet Yellen on Friday said the ransomware attack on the Industrial and Commercial Bank of China that disrupted China's largest bank had not interfered with the market for U.S. government debt. "We have not seen an impact on the Treasury market," Yellen said, adding that she and China Vice Premier He Lifeng spoke about the issue during talks in San Francisco this week. The ICBC's access to an electronic settlement platform for U.S. Treasury securities remained suspended on Friday, a day after confirmation of the ransomware attack.

Reuters 10 months ago

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UPDATE 1-Yellen: no impact on US Treasury market from ICBC hack

U.S. Treasury Secretary Janet Yellen on Friday said the ransomware attack on the Industrial and Commercial Bank of China that disrupted China's largest bank had not interfered with the market for U.S. government debt. "We have not seen an impact on the Treasury market," Yellen said, adding that she and China Vice Premier He Lifeng spoke about the issue during talks in San Francisco this week. The ICBC's access to an electronic settlement platform for U.S. Treasury securities remained suspended on Friday, a day after confirmation of the ransomware attack.

Reuters 10 months ago

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Performance Overview

Return	IDCBF	SSE Composite Index
YTD	+26.89%	+7.61%
1-Year	+26.89%	+3.67%
3-Year	+33.08%	-10.03%

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Industrial and Commercial Bank of China Limited (IDCBF)

ICBC’s Profit Slips as Low Rates Weigh

Wealth Management Connect revamp sent cross-border investment skyrocketing, says ICBC

Singapore's Temasek trims stake in ICBC as China's slumping property market dents state lenders' profits

China's Big Five lenders post shrinking margins, warn of property risks

This Little-Known Chinese Billionaire Went From Working In The Coal Mines To Being One Of The Most Powerful Bankers In The World, Commanding $3.5 Trillion In Assets

Fed, NYDFS fine Chinese bank ICBC $32.4M

ICBC to pay $32.4 million to US regulators over AML lapses, supervisory information disclosure

ICBC partners wary to resume trading with bank after cyberattack - Bloomberg News

World's Biggest Bank ICBC Still Faces Trader Wariness After Cyberattack

20 Most Valuable Asian Companies Heading into 2024

Ransomware attack on China’s biggest bank may have hit US Treasury market

Barclays flags Treasuries central clearing cybersecurity risks after ICBC hack

ICBC Flies Top Executives to US in Race to Contain Hack Fallout

UPDATE 2-Gang says ICBC paid ransom over hack that disrupted US Treasury market

Gang says ICBC paid ransom over hack that disrupted US Treasury market

ICBC paid ransom after hack that disrupted markets, cybercriminals say

In the Market: Inside Wall Street's scramble after ICBC hack

Brazen ransomware attack on US unit of Chinese banking giant has financial sector on alert

Yellen: no impact on US Treasury market from ICBC hack

UPDATE 1-Yellen: no impact on US Treasury market from ICBC hack

Performance Overview